Figure Technologies Inc., a financial services company has established a deal worth almost $1 billion in uncommitted asset-based financing facility on the Provenance.ioblockchain with Jefferies and WSFS Banking Services.

Provenance Blockchain will act as custodians and enforcers the financial services available associated with it. Figure Technologies Inc. uses Provenance Blockchain to initiate, finance, and sell its HELOC loans to banks, asset managers, and credit funds.

Mike Cagney, CEO and co-founder of Figure noted:

“With the financing facility now in place, Provenance.io can support the entire end-to-end financing of loans, from origination to funding to servicing to financing. It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.”

Jeffries and WSFS bank will provide financial aid to the loaning process on the blockchain. While the facility is currently only to institutional firms like banks and equity managers, it fosters the growth of blockchain application and induces transparency into the economic system. Reportedly, the three firms have been working together for the past six months to build the loaning facility on Blockchain.

Brian McGrath, head of the Securitized Markets Group at Jefferies, noted:

“We’ve already experienced the benefits of financing on Provenance.io. We’ve gained full transparency into the underlying assets, real-time access to loan performance and the process of accepting collateral has less friction than off chain.”

Provenance blockchain provides Security token offering as well. Last month, it raised $20 million dollars through the STO of its lending platform. Anthony Pompliano, a staunch Bitcoin supporter and Founder of Morgan Creek Capital tweeted about the investment deal. He said,

“AskFigure just announced a $1 billion financing facility from Jeffries and others on the Provenance blockchain. Every stock, bond, currency and commodity will be tokenized and Figure is the sleeping giant. Ignore them at your own risk! “

Figure Technologies Inc., a financial services company has established a deal worth almost $1 billion in uncommitted asset-based financing facility on the Provenance.io blockchain with Jefferies and WSFS Banking Services.

Author

Nivesh Rustgi

Publisher Name

Coingape

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the author and is subject to market condition.
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Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com